WEBApr 8, 2016 · The average price of Indonesian coal with a gross calorific value of 3,8004,200 kCal/kg ranged between 38 and 49 a tonne on freeonboard (FOB) basis, according to most international indices.
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WEBOct 13, 2023 · "In 2016, DRI had alleged that 40 Indian companies including Adani Enterprises, Adani Power, Adani Wilmar, Adani Power Maharashtra and Adani Power Rajasthan, were overinvoicing imported Indonesian coal with the goal of 'siphoningoff money abroad' and 'to avail higher power tariff compensation based on artificially .
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WEBNov 17, 2023 · In March 2016, the DRI initiated a probe against a few Adani Group firms for alleged overvaluation of coal imports from Indonesia between 2011 and 2015. The LRs were issued to Singapore, Dubai and Hong Kong, seeking help to access documents lying with overseas branches of three Stateowned banks relating to transactions under the .
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WEBMay 23, 2024 · The DRI suspected that coal was directly transported from Indonesian ports to India, while import invoices followed intrie routes. These invoices traversed through one or more intermediaries in global financial centers like Singapore, Hong Kong, Dubai, and the British Islands before reaching the buyer via Adani Global.
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WEBMay 23, 2024 · While Gandhi embraced the FT allegations without verifying the details, the article mentions suspicions arising from January 2014, wherein invoices for an Indonesian coal shipment with 3,500 calories per kilogram, were purchased by Adani.. The report implies that this alleged scam occurred in January 2014. The period of UPAII when .
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WEBOct 17, 2023 · Adani Group accused of importing coal at inflated prices; denies allegations. FT report based on 30 shipments of coal from Indonesia to India over 32 months. Prices declared to custom officers in ...
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WEBMay 22, 2024 · The DRI has filed an appeal in the Supreme Court. The Arappor Iyakkam said that its request for an investigation into the coal import scam by Tangedco, wherein Adani group had sold lowquality ...
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WEBMay 25, 2024 · For its investigation, OCCRP said it relied on "multiple sources, including invoices and banking documents from several jurisdictions, details of investigations by India's Directorate of Revenue Intelligence (DRI), leaked documents from a key Indonesian coal supplier for Adani, and a trove of documents obtained" from TANGEDCO.
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WEBNov 18, 2023 · On October 17, 2019, the high court had quashed all the letters rogatory (LRs) sent by the DRI to Singapore and other countries in its ongoing investigation against the Adani Group firms for ...
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WEBJan 10, 2024 · The Delhi High Court has kept in abeyance its order asking the CBI and the Directorate of Revenue Intelligence to "meticulously and expeditiously" look into allegations of overinvoicing of imports by the Adani Group. A bench of Justices Suresh Kumar Kait and Neena Bansal Krishna, while noting in its January 5 order that a petition filed by the .
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WEBDec 19, 2023 · The Delhi High Court has directed the CBI and DRI to investigate allegations of overinvoicing of imports by power generating companies, including the Adani Group and the Essar Group. The court disposed of two petitions filed by NGO CPIL and activist Harsh Mander, referring to show cause notices issued by the DRI that spoke of overvaluation .
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WEBJul 19, 2021 · Subsequently, DRI passed an order in favour of Adani Power confirming that there is no overvaluation of equipment. The department has approached the Tribunal and the matter stands sub judice now. Adani Group is a responsible corporate citizen and strongly believes in compliance of applicable laws and adheres to prudent corporate .
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WEBNov 18, 2023 · New Delhi, November 17. Indian investigators are seeking to restart a probe into Adani Group for alleged overvaluation of coal imports and have asked the Supreme Court to allow them to collect ...
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WEBNov 17, 2023 · The Indian government is seeking to reopen an investigation into Adani Group's coal imports from Indonesia, focusing on alleged overinvoicing. The Directorate of Revenue Intelligence (DRI) has ...
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WEBAug 16, 2017 · The trust in question is reportedly controlled by Gautam Adani's elder brother Vinod Adani. The publiion on Monday carried a copy of the Directorate of Revenue Intelligence (DRI) investigation report, dated May 15, 2014, that alleges that the Adani Group inflated invoices for an electricity project to move out money to offshore .
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WEBOct 18, 2019 · The Directorate of Revenue Intelligence is investigating at least 40 companies, including those from the Adani Group, Anil Dhirubhai Ambani Group and Essar Group, for alleged overvaluation of coal ...
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WEBSep 20, 2018 · New Delhi: The Bombay High Court on Wednesday granted interim relief to the Adani group by restraining the Directorate of Revenue Intelligence from giving effect to the letters rogatory (LRs) issued to several countries against three group companies in an alleged case of overvaluation of Indonesian coal imports in the past. A bench of justices .
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WEBOct 13, 2023 · The DRI investigation into coal overinvoicing seems to have come to a halt. The DRI did not respond to FT's requests for comment. Adani imports between 2019 and 2021. The FT also examined 30 shipments of coal from Indonesia to India by an Adani company between 2019 and 2021. In all the cases, prices in import records in India were ...
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WEBMay 22, 2024 · On Adani's subsequent invoice to Tangedco the quality jumped to 6,000 calories — as did the price, to 92 per tonne. Other documents suggested the discrepancy was not isolated. A 2014 purchase order lists 32 deliveries of 6,000calorie coal to Tangedco by Adani, totalling tonnes at 91 per tonne.
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WEBMay 31, 2024 · An expose by the Financial Times and OCCRP reveals that in 2014, Adani sold lowgrade coal as highquality to Tamil Nadu's power company, TANGEDCO, at a much higher price. Reporters Anand Mangnale ...
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WEBDec 19, 2023 · The Delhi High Court on Tuesday ordered the Directorate of Revenue Intelligence (DRI) and the Central Bureau of Investigation (CBI) to "meticulously and expeditiously" look into the allegations of overinvoicing by power companies belonging to the Adani Group, Essar Group and others [Centre for Public Interest Litigation and Anr v .
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WEBThis practice likely led to substantial profits for Adani while contributing to air pollution due to the burning of lowgrade coal. Invoices from January 2014 show Adani purchased coal with a calorific value of 3,500 calories per kilogram and sold it to Tangedco as 6,000calorie coal, doubling its money after transport costs.
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WEBJun 24, 2019 · The banking regulator's response followed a request by the Directorate of Revenue Intelligence (DRI), which sought RBI's assistance in obtaining information from two stateowned banks on the alleged Rs 29,000crore overvaluation of coal imports from Indonesia by Indian companies, including the Adani Group, ADAG and Essar Group .
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WEBOct 13, 2023 · The FT identified 2,000 shipments totaling 73 million tonnes of coal declared as Indian imports by Adani companies between September 2021 and July 2023. For the 42 million tonnes supplied by Adani's own operations in that time, the declared average price per tonne was 130. However, for the 31 million tonnes supplied by the three ...
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WEBSep 17, 2018 · The Singapore High Court ruled against Adani Global Pte Ltd. "That means our government and DRI should get these documents pertaining to the coal scam. Adani has now filed a petition in the ...
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WEBFeb 21, 2024 · A key hearing at India's Supreme Court in a case relating to the Directorate of Revenue Intelligence (DRI) investigation into alleged overinvoicing of coal imports by the Adani Group was quietly postponed by six months on 6 February 2024, with no apparent explanation. The court's website states that on that day, when the case was listed ...
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